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SPRINGDALE, Ark. (AP) - Tyson Foods Inc. lowered its 2005 earnings forecast on Tuesday citing damage to its four Mississippi poultry processing plants.
Tyson, the world's largest meat producer, cut its full-year forecast by 3 cents, to a range of 92 cents to $1.02 per share.
All four facilities, in Carthage and Vicksburg and two in Forest, are running at pre-hurricane production levels, the company said. Storm damage will cost the meat producer between $10 million and $20 million, Tyson said. Those figures reflect losses of live bird inventory and frozen product that was stored in Mississippi and Louisiana as well as the temporary plant closures.
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